U.S. Dollar Attempts A Recovery

• 27 Oct 2020

USD/JPY

The USD/JPY pair is making slow progress at moving away from the 104.53 price floor. Influence appears to be with buyers although commitment appears to be low. The next target is the 105.29 price level. Momentum indicators remain in bearish territory.  

 

 

 

 

 

EUR/USD

The Eurodollar has moved to test the ascending trendline once again, however, each previous occasion has resulted in a bullish rebound. A price ceiling exists at the 1.192 resistance level from which the rally has generally retraced. Momentum indicators have upward trajectories. 

 

 

 

 

 

GBP/USD

GBP/USD sellers have returned, taking the pair back towards the 1.298 support level. Yet there appears little appetite to push price action lower as highlighted by the small-bodied candles closer to the support level.  Momentum indicators have flattened in bullish territory.  

 

 

 

 

 

USD/CHF

The USD/CHF pair is once again moving away from the 0.903 support level and heading back towards the 0.918 resistance area. The current consolidation channel will likely remain intact. Momentum indicators remain in bearish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD pair has moved to test the 1.322 price level once again. This price area has proved an obstacle to buyers in the past and this time appears no different. Buyers conviction will therefore be tested and despite rising buying activity a break currently looks unlikely. Momentum indicators remain in bearish territory. 

 

 

 

 

 

GOLD

Gold oscillations are narrowing which generally takes place ahead of a breakout. A collection of small-bodied candles at a resistance level can indicate a potential trend change, with the most likely direction being bearish. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

 

OIL

WTI is moving away from the 41.69 price ceiling and continues to test the 39.02 support level. A break is yet to materialise, however, suggesting that recent dominance from sellers is beginning to wane. Momentum indicators remain bearish.